GigaCloud Technology (NASDAQ:GCT) Stock Bumped Up to “Strong-Buy” by Wall Street Zen

Wall Street Zen upgraded shares of GigaCloud Technology (NASDAQ:GCT) from a buy rating to a strong-buy rating in a research note released on Monday morning,Wall Street Zen reports.

Several other brokerages have also recently weighed in on GCT. Weiss Ratings raised shares of GigaCloud Technology from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday. Zacks Research upgraded shares of GigaCloud Technology from a “hold” rating to a “strong-buy” rating in a report on Friday, October 2nd. One analyst has rated the stock with a Strong Buy rating and one has issued a Buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Strong Buy”.

GigaCloud Technology Price Performance

GCT stock opened at $57.74 on Monday. The stock has a market capitalization of $2.06 billion, a P/E ratio of 13.65 and a beta of 1.64. GigaCloud Technology has a fifty-two week low of $25.39 and a fifty-two week high of $58.17. The business has a 50-day moving average of $52.10 and a 200-day moving average of $43.57.

GigaCloud Technology (NASDAQ:GCT) last announced its earnings results on Thursday, August 6th. The company reported $1.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.90 by $0.26. The business had revenue of $411.64 million for the quarter, compared to analyst estimates of $380.63 million. GigaCloud Technology had a return on equity of 31.42% and a net margin of 10.65%. Equities analysts expect that GigaCloud Technology will post 4.92 EPS for the current year.

Insiders Place Their Bets

In other news, Director Zhiwu Chen sold 3,000 shares of the firm’s stock in a transaction dated Friday, September 18th. The stock was sold at an average price of $53.12, for a total value of $159,360.00. Following the completion of the transaction, the director owned 21,057 shares in the company, valued at $1,118,547.84. This trade represents a 12.47% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Xin Wan sold 60,000 shares of the firm’s stock in a transaction dated Tuesday, August 11th. The shares were sold at an average price of $50.94, for a total value of $3,056,400.00. Following the completion of the transaction, the chief technology officer owned 657,540 shares of the company’s stock, valued at $33,495,087.60. The trade was a 8.36% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 127,000 shares of company stock valued at $6,636,604 in the last three months. 23.37% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Integrated Wealth Concepts LLC acquired a new position in GigaCloud Technology during the second quarter worth $30,000. Meeder Asset Management Inc. bought a new stake in GigaCloud Technology during the first quarter worth $60,000. GAMMA Investing LLC raised its position in GigaCloud Technology by 83.8% during the third quarter. GAMMA Investing LLC now owns 1,250 shares of the company’s stock worth $65,000 after acquiring an additional 570 shares in the last quarter. Archer Investment Corp acquired a new stake in GigaCloud Technology in the first quarter valued at $97,000. Finally, Pictet Asset Management Holding SA acquired a new stake in GigaCloud Technology in the first quarter valued at $203,000. 34.94% of the stock is owned by institutional investors and hedge funds.

GigaCloud Technology Company Profile

GigaCloud Technology Inc operates a business-to-business e-commerce platform focused on the global trade of large and bulky merchandise. Its GigaCloud Marketplace connects manufacturers, primarily in Asia, with resellers and retailers in North America, Europe and other markets. Products traded through the platform include furniture, home goods, appliances, fitness equipment and other oversized items.

The company combines its online marketplace with logistics and fulfillment services designed for large-parcel products.